South Georgia Times

State Representative Penny Houston has voiced her support for Governor Kemp's plan to enact the largest income tax cut in Georgia's history, a move designed to expedite reductions for taxpayers. The governor's proposal aims to accelerate the tax rate adjustments detailed in House Bill 1437, which was signed into law in 2022.

According to a press release by the Georgia General Assembly, Houston said, "I express great gratitude to Governor Kemp for fulfilling his commitment to refund Georgia’s tax dollars back to its residents. With Georgia’s robust economy and the governor’s dedication to fostering effective business practices, I am proud to back this essential initiative that will provide much needed additional relief to families across Georgia."

The same press release from the Georgia General Assembly explains that if the proposed tax cuts are accelerated, the Tax Year 2024 rate could decrease to 5.39 percent instead of the initially planned 5.49 percent. This would constitute a 36 basis-point reduction from the 5.75 percent rate in Tax Year 2023. The acceleration of these cuts, combined with the reduction provided in HB 1437, could result in approximately $1.1 billion in savings for Georgia taxpayers in calendar year 2024.

In a statement reported by AP News, Governor Kemp said: "We’re keeping government streamlined and we’re giving taxpayers back their hard-earned money."

AP News also reports that lawmakers have supported Governor Kemp's strategy over the past two years of allocating $1.1 billion from surplus funds for income tax rebates. This approach has facilitated refunds of up to $250 for single filers, up to $375 for single adults heading households with dependents, and up to $500 for married couples filing jointly.